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Mexico is sending a 16-agency government delegation to Argentina to negotiate prices and contracts for yellow corn, soybeans, wheat and rice as an alternative to US supply. Adecoagro has already sold 38,000 tonnes to Mexico for August shipment, and a Mexican senator has proposed legislation to cut US corn purchases.
Diversification of Mexican grain purchases toward Argentina threatens US corn and soybean export demand, a bearish factor if the shift becomes sustained.
huffpost.comMay 7, 2017After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
